the governments have no money, therefore, cannot afford to pay them too generously. with respect to regulators, regulators are fighting for credibility. so more likely to err on the side of caution. in terms of area where we're more positive, we're more positive on intellectually property rich companies that have the ability to mon size that. >> such as? >> such as if you think about s.a.p. and germany, the lead sg one of the leading erp companies. many companies around the world are looking to structure their businesses more effectively and toni vest in technology today is about investing in productivity tools. that's what sap can bring to many of its customers. and that kind of intellectual property is build up over decades so it's hard to replicate. these represent barriers to the unique assets that these companies have. >> and in 2013, will there be more differentiation? >> i think there will be more differentiation within sectors looking forward to 2013 relative to what we saw in 2012. >> we'll leave it there. thanks for coming by. >> thank you. >>> now let's lo